Rivian R1S electric SUV
Source: Rivian
Rivian, the electric vehicle start-up backed by Amazon and Ford Motor, said Tuesday it closed a $ 2.65 billion investment round led by T. Rowe Price funds as the company approaches production of a fully electric pickup and SUV.
The company has raised about $ 8 billion since 2019. Rivian closed a $ 2.5 billion investment round last year, also led by T. Rowe Price; a $ 1.3 billion round of funding in December 2019; and had raised at least $ 1.5 billion before.
Other participants in the round included Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, as well as several other existing and new investors, according to the company.
Rivian is expected to be one of the first, if not the first, to put a fully electric pickup on the market later this year.